Compass Diversified Holdings
CODI Industrials Conglomerates
Compass Diversified Holdings' revenue for fiscal 2025 (year ended December 2025) was $1.9 billion, up 4.79% from fiscal 2024. In the quarter to June 2026, revenue fell 11.4%, EPS grew 197.7%, free cash flow grew 151.0% and total debt fell 22.5%, each against the same quarter a year earlier. Dividend growth for three consecutive years; insiders bought in the last twelve months.
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Compass Diversified Holdings (CODI) Altman Z-score
Compass Diversified Holdings's Altman Z-score for fiscal 2025 is 0.31, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.31 | 0.37 |
| FY2024 | −0.06 | (0.29) |
| FY2023 | 0.24 | (0.55) |
| FY2022 | 0.78 | (0.66) |
| FY2021 | 1.45 | 0.18 |
| FY2020 | 1.27 | (0.87) |
| FY2019 | 2.14 | 1.11 |
| FY2018 | 1.03 | (0.35) |
| FY2017 | 1.37 | 0.00 |
| FY2016 | 1.37 | (0.36) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.16 | — | 0.20 | |
| Retained earnings / total assets | (0.43) | — | −0.60 | |
| EBIT / total assets | 0.00 | — | 0.01 | |
| Market value of equity / total liabilities | 0.15 | — | 0.09 | |
| Sales / total assets | 0.62 | — | 0.62 | |
| Altman Z-score | Distress zone | 0.31 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −0.06 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| FBYD Falcon's Beyond Global, Inc. compare | 6.5× |
| TTI Tetra Technologies, Inc. compare | 3.1× |
| TRC Tejon Ranch Co compare | 2.2× |
| MATW Matthews International Corporation compare | 2.0× |
| DLX Deluxe Corporation compare | 1.5× |
| BOC Boston Omaha Corporation compare | 1.5× |
| CRESY Cresud S.A.C.I.F. y A. compare | 0.5× |
| CODI Compass Diversified Holdings | 0.3× |
| TMS Live Oak Acquisition Corp. V compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets